US STEEL lock out of is over. Local 1005 agrees to go back to work for same contract offered 11 months ago.

Rolf Gerstenberger counts votes

The U.S. Steel lockout is over.

Workers cast 612 ballots Saturday and voted 61 per cent to 39 per cent to accept the company’s offer – almost entirely the same package they could have had a year ago – surrendering indexing for current retirees and access to a defined benefit pension plan for new employees in the face of unyielding opposition from the company.

Workers could be called back to the plant as early as Tuesday.

In the end, the deal accepted by the workers was almost unchanged from what they were offered almost a year ago.

Its highlights include:
* A signing bonus of $3,000 but no wage increase.
* A profit sharing plan paid from a pool of 6.5 per cent of Hamilton Works earnings in excess of $25 million.
* New employees are excluded from the current defined benefit pension plan in favour of a group RRSP to be administered by the union. The company will contribute $2.50 per hour worked.
* Indexing of current retiree’s pensions ends, but those with pensions under $1,500 a month will get a one-time payment of $1,000.
* About 250 workers will be guaranteed only 26 weeks of employment at 40 hours a week.
* Changes to the cost of living allowance formula mean it will pay only about one-third of what it did under the old contract.
* The company can call back retirees to meet skill shortages, but agrees to meet with the union to discuss “opportunities to improve efficient utilization of bargaining unit forces” and develop training programs.

Local 1005 fought for 11 months while they collect 2/3 of their pay and then accepted the exact same deal just as they’re  unemployment insurance was about to run out and $200 a week in strike pay was to kick in.